The cryptocurrency value shows its lowest level in months
Digital currency prices fell considerably for the second consecutive day due to the impact produced by Goldman Sachs and its decision to stop its plans to launch a persistent cryptocurrency desk.
Ethical hacking specialists report that the price of a unit of Bitcoin, the most widely known digital currency in the world, fell by more than $1.1k USD in a period of 24 hours, representing a decrease of 15%, reaching a minimum of $6.279k USD, its lowest level in two weeks.
Despite the apparent seriousness of the matter, a sector of the cryptocurrency community remains optimistic, saying that the virtual currency goes well beyond Goldman Sachs’ decisions. “Then the question is, if Goldman Sachs abandons the idea of exploring the option of a cryptocurrency desk, can that single variable collapse everything?” commented Naeem Aslam, exchange market analyst.
“The reality is that the future of Bitcoin is already being negotiated in the main stock exchanges. However, the volume has been scarce since day one, I’m not saying it hasn’t improved, it certainly has. But if you compare the volume of the Bitcoin to other major products, only then can you see the difference; so for me it’s more important to watch this part of the equation”, the analyst mentions. “Investors must have one thing in mind. Banks have a common goal: to make money for their customers. So investment banks can play an old trick: create a panic in the market in order to trigger a major sales wave. A perfect set to buy something when the bad news spreads. And then, when the market gets a little stable, we get news that Goldman Sachs is back to business. Who could be the biggest beneficiary of that scenario?”
For various experts in the cryptocurrency market, there are other probable causes of the decline in the value of the Bitcoin.
A recent investigation by ethical hacking specialists found that an online wallet linked to the black market containing 111 114 Bitcoin recently began moving its assets for the first time since 2014. Of the total Bitcoin units, nearly 11k Bitcoin moved to Bitfinex and 4.4k moved to Binance, indicating an attempt to sell these assets on the market. Allegedly, operations with these assets were sufficiently substantial to reduce the price of the Bitcoin. On the other hand, a sector of virtual asset market analysts attributes depreciation to a technical collapse, which seems to be the most probable cause.
Either way, this depreciation was not caused by a single motive and, according to specialists in ethical hacking from the International Institute of Cyber Security it is likely that these types of assets continue to attract attention, either by the volatility in their values or by cybercrime events related to cryptocurrency holders and exchanges.
Working as a cyber security solutions architect, Alisa focuses on bug bounty and network security. Before joining us she held a cyber security researcher positions within a variety of cyber security start-ups. She also experience in different industry domains like finance, healthcare and consumer products.